我国上市公司的多元化战略与公司绩效

Diversification Strategy and Firm Performance of China's Listed Companies

本文以2004年深沪两市的696家非金融公司作为样本,通过建立有效的多元化经营指标,考察了中国上市公司多元化战略与其绩效(CROA)的关系。实证研究表明,多元化有一定的正面效应,即能够降低公司经营风险,但是从整体上来看,多元化的成本仍然大于收益,导致多元化程度与公司绩效负相关。这一实证结果与多元化给企业带来巨大成本的理论一致。

We use the data of Chinas listed companies, construct the effective measurement variable of diversification and investigate the relationship of diversification and performance in the emerging market. The empirical results suggest that diversification has some positive effect; it can reduce the business risk. While on the whole, the cost of diversification still overweighs its benefits, which makes the degree of diversification inversely relate to firm performance. The empirical results coincide with the theory of diversification bringing significant costs.